This Article was fact checked and last updated for accuracy on November 12, 2025 by Mani Karthik
Remember when I first moved back from the US in 2017? My biggest headache wasn’t finding good coffee or adjusting to Indian traffic.
It was dealing with the financial mess of being an NRI.
Opening NRE accounts. Filling out forms in triplicate. Paying forex markups that would make a loan shark blush. Waiting weeks for KYC approvals.
Fast forward to 2024, and a new player has entered the game. Belong promises to solve every NRI investment problem we’ve been complaining about for years.
But does it deliver? I spent the last few weeks digging into this platform. Here’s what I found.
What Exactly Is Belong?
Belong is India’s first fintech platform built exclusively for NRIs. Think of it as the digital bank you always wished existed when you were struggling with cross border investments.
Founded in 2024 by fintech veterans Ankur Choudhary, Sai Sankar M, Ayush Singh, and Savitri Bobde, the platform operates through GIFT City. This isn’t just another startup throwing around buzzwords.
💡 Tip: GIFT City operates outside Indian tax jurisdiction, which means tax-free returns for NRIs.
The team behind Belong isn’t new to this space. Ankur and Savitri previously built Goalwise, a robo-advisory platform that was acquired by Niyo. Sai brings over 20 years of banking experience from his time at Niyo’s global cards division.
They’ve raised $5 million in seed funding led by Elevation Capital. The investor list reads like a who’s who of Indian fintech: Urban Company founders, Zomato CFO, Mamaearth CEO.
When this many smart money investors back a startup, you pay attention.
The Core Offering: USD Fixed Deposits
Belong launched with one main product: USD-denominated fixed deposits starting at $5,000.
Here’s why this matters. Traditional FCNR deposits through Indian banks require minimum one year lock-ins. Belong offers 3-month and 6-month terms.
You don’t need an NRE or NRO account. No more dealing with Indian bank bureaucracy from 10,000 miles away.
The deposits are offered through partnerships with Indian banks operating in GIFT City, including RBL Bank for their UAE launch.
“Every NRI has built a global identity through hard work and ambition, but financial services in India haven’t kept up.” – Ankur Choudhary, CEO
Breaking Down the Benefits
Protection Against Currency Risk When I was in the US, I watched the rupee slide from ₹45 to ₹75 against the dollar. Every rupee investment was a currency bet I didn’t want to make.
Belong’s USD deposits eliminate this risk completely. You invest in dollars, earn returns in dollars.
Tax Efficiency Since GIFT City operates outside Indian tax jurisdiction, your returns are completely tax-free in India. For US residents, you’ll still need to declare this income to the IRS.
Simplified KYC Process Remember the nightmare of getting documents notarized and couriered to India? Belong offers doorstep KYC in UAE markets. It’s like ordering food delivery, but for banking.
Belong vs Traditional Options: The Numbers Game
| Feature | Traditional FCNR | Belong USD FD | NRE/NRO FD |
|---|---|---|---|
| Minimum Investment | $1,000 | $5,000 | Varies |
| Lock-in Period | 1-5 years | 3-6 months | Flexible |
| Tax Treatment | Taxable in India | Tax-free in India | Taxable in India |
| KYC Process | Complex | Doorstep | In-branch required |
| Account Requirement | FCNR account needed | No Indian account needed | NRE/NRO required |
| Forex Markup | 2-4% | Near zero | 2-4% |
The flexibility advantage is clear. But higher minimum investment might be a barrier for some.
📊 Market Reality Check NRI remittances to India grew from $82 billion in 2019 to $129 billion in 2024. But NRI share in mutual fund assets dropped from 2.9% to 2.3% in the same period. The investment infrastructure clearly isn’t keeping pace.
The Broader Vision: Beyond Fixed Deposits
Belong isn’t stopping at fixed deposits. The roadmap includes mutual funds, stocks, insurance, and NRI-specific credit cards.
They’ve already launched mutual fund access through GIFT City with minimum investments of just $500. The first offering is Tata India Dynamic Equity Fund, which gives NRIs access to Indian equity markets with USD-based investments.
The platform also includes several free tools:
- NRI FD rates comparison across banks
- Residential status calculator for tax planning
- GIFT Nifty tracker for market insights
- Compliance compass for regulatory guidance
Think of it as the best investment options in India but designed specifically for the NRI experience.
What I Like About Belong
Regulatory Clarity Operating through GIFT City with IFSCA licensing provides clear regulatory framework. This isn’t some gray area fintech play.
Experienced Team The founders have built and sold fintech companies before. They understand both the technical and regulatory challenges.
NRI-First Approach Everything is designed around NRI pain points. No afterthought features or adapted products.
Transparent Pricing Their tax filing service starts at ₹2,000 with no “NRI markup.” Most CA firms charge 2-3x for NRI returns.
Areas of Concern
Limited Track Record Launched in 2024, so no long-term performance data. Early adopters are essentially beta testers.
Geographic Restrictions Currently available only in UAE. US and UK expansion planned but no firm timelines.
Higher Minimums $5,000 minimum for FDs is 5x higher than traditional FCNR deposits. This excludes smaller investors.
Single Product Focus While roadmap looks promising, current offering is limited. You can’t build a complete portfolio yet.
The Tax Filing Service: A Nice Touch
Belong also launched NRI tax filing services without the typical markup pricing. Starting at ₹2,000, this is competitive with domestic rates.
Most NRIs pay ₹5,000-15,000 for tax filing due to the “NRI tax” that service providers impose. This alone could save you enough to justify using the platform.
For context on NRI tax obligations, check out my detailed guide on filing US taxes after returning to India.
My Personal Take
Here’s the thing about being an NRI. You’re always caught between two countries, two tax systems, two sets of regulations.
I spent countless hours dealing with Indian banking bureaucracy when I was in the US. The pain is real.
Belong addresses legitimate problems. USD deposits with tax-free returns and flexible tenures? That’s compelling.
But I’m cautious about early-stage fintechs handling my money. The founders have credibility, but execution matters more than credentials.
🧠 My Take: Belong solves real NRI pain points, but wait for a longer track record before moving significant money.
If you’re in UAE and looking to park $5,000-25,000 for 3-6 months, this could work well. For larger amounts or longer-term planning, I’d still prefer diversification across established platforms.
The tax filing service is immediately useful regardless of your investment decisions.
Future Roadmap: What’s Next
Belong plans to expand beyond UAE to GCC, UK, and US markets by 2025. The mutual fund platform is already live, with more fund options coming.
They’re working on:
- Indian and US equity trading
- NRI-specific insurance products
- International credit cards
- Comprehensive wealth management services
The vision is ambitious: becoming the complete financial platform for global Indians.
Quick Comparison: Belong vs Other Platforms
Belong vs Traditional Banks Banks win on trust and deposit insurance. Belong wins on user experience and tax efficiency.
Belong vs Groww Groww dominates Indian retail investing but has limited NRI features. Belong is NRI-first but limited product range.
Belong vs Wise Wise excels at money transfers. Belong focuses on investments. Different use cases.
For NRIs looking at comprehensive investment options, also consider reading about NRI investment strategies and mutual fund options.
Red Flags to Watch
Regulatory Changes GIFT City regulations could evolve. Tax-free status isn’t guaranteed forever.
Limited Liquidity Fixed deposits lock your money. Plan accordingly.
Currency Risk on Principal While USD deposits protect against rupee depreciation, they create dollar concentration risk for rupee expenses.
Bottom Line: Should You Use Belong?
Belong is solving real problems for NRIs. The team is credible, the regulatory framework is sound, and the product addresses genuine pain points.
But it’s early days. I’d recommend starting small and scaling up as the platform proves itself.
If you’re earning dollars and want to invest in India-linked opportunities without dealing with traditional banking hassles, Belong deserves consideration.
Just don’t put all your eggs in this basket yet.
For broader NRI investment guidance, check out my comprehensive guide on investment options for NRIs and NRE vs NRO account considerations.
If you have specific questions about Belong or other NRI investment platforms, ask in our Facebook community. The collective wisdom there is invaluable.
TL;DR: Belong Platform Summary
✅ What Works
- USD fixed deposits with tax-free returns in India
- No NRE/NRO account required
- Doorstep KYC in UAE markets
- Transparent pricing on tax filing services
- Strong regulatory framework through GIFT City
- Experienced founding team
❌ What Doesn’t
- Limited to UAE market currently
- Higher minimum investment ($5,000)
- New platform with limited track record
- Single product focus (though expanding)
- No deposit insurance clarity
⚖️ Verdict
Promising platform for UAE-based NRIs with $5,000+ to invest short-term. Worth trying for tax filing services. Wait for broader geographic expansion and longer track record before major investments.
Best For: NRIs in UAE seeking tax-efficient, short-term USD deposits
Avoid If: You need immediate US/UK access or prefer established banks
Sources: Belong Official Website, Elevation Capital Portfolio, IBS Intelligence, Zawya Business News